Fleet Mortgage Appoints Daniel Russell Senior Vice President of Emerging Markets

Fleet Mortgage Appoints Daniel Russell Senior Vice President of Emerging Markets
Sep 25, 2000 11:02 AM ET Business Wire
COLUMBIA, S.C., Sep 25, 2000 (BUSINESS WIRE) -- Fleet Mortgage has appointed
Daniel Russell, III senior vice president and managing director of emerging
markets, responsible for developing and managing the company's efforts in
making mortgage loans more available to currently underserved markets --
including low- and moderate-income, ethnic minority and immigrant borrowers --
and direct the company's fair lending initiatives.
Prior to joining Fleet, Russell, 55, was executive vice president of emerging
markets at Wells Fargo Home Mortgage (previously Norwest Mortgage) and is
credited with positioning the company as a leading lender to low- and
moderate-income, ethnic minority and immigrant homebuyers and communities
throughout the country. During his four years at Wells, Russell's
responsibilities included establishing the emerging markets division and
expanding the company's loan production in all business channels; developing
and executing strategies and tactics; and expanding the capacity and
capabilities of the retail, wholesale and correspondent sales force and
operational support units to fully serve the home financing needs of these
fast-growing markets. Additionally, Russell served as a key spokesperson in the
company's media, government, and industry relations. He also led the company's
fair lending and diversity initiatives. Prior to his leadership role at Wells,
Russell served four years as Vice President for Affordable Housing Lending and
Community Development Lending at Freddie Mac.
"We are fortunate to have someone of Dan Russell's caliber to drive expansion
of our business in important consumer markets such as low- and moderate-income,
ethnic minority and immigrant homeowners. He is a proven leader in emerging
markets and affordable homeownership lending, and hiring him is the first step
in Fleet Mortgage's plan to strengthen our commitment to fully serve the needs
of these fast-growing markets," said Michael J. Torke, president and CEO of
Fleet Mortgage. "We believe the growth in homeownership for these underserved
markets will play a significant role in the continued success of our company.
We will leverage our partnership with Fleet Bank and its First Community Bank
to gain a leadership position in every market where we do business."
Russell's initial focus will be to expand production in Fleet's retail
production channel, while developing the strategies to capture a larger share
of the emerging markets business through all its production channels, which
include third-party originations and consumer direct lending. Russell will
report to John F. Frazza, senior vice president of retail lending.
Fleet Mortgage Group, headquartered in Columbia, SC, is a FleetBoston Financial
company. A national leader in the origination of residential mortgage loans,
the company provides mortgages through retail offices in the Northeast, a
national network of 1,000 correspondents, wholesale brokers nationwide, and its
National Telesales Center. As a leading mortgage originator and servicer in the
nation, Fleet Mortgage's $150 billion servicing portfolio comprises more than
1.5 million customers.
FleetBoston Financial is the eighth-largest financial holding company in the
United States. An $181 billion diversified financial services company, it
offers a comprehensive array of innovative financial solutions to 20 million
customers in more than 20 countries and territories. Among the company's key
lines of business are: retail banking, with over 1,250 branches and over 3,400
ATMs in the Northeast; commercial banking, including capital markets/investment
banking and commercial finance; and investment services, including discount
brokerage. FleetBoston Financial is headquartered in Boston and listed on the
New York Stock Exchange (NYSE: FBF) and the Boston Stock Exchange (BSE: FBF).
CONTACT: Fleet Mortgage Terri Randall, 803/929-7971 [email protected]
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